CHAPTER 13.1 Read pages 331-336 ...Answer the following questions: 1. Describe frictional, seasonal, structural, and cyclical unemployment. Frictional unemployment-occurs when people take time to find a job. Seasonal Unemployment- occurs when industries slow or shut down for a season or make seasonal shifts in their production schedules. Structural unemployment- occurs when workers skills do not match the jobs that are available. Cyclical unemployment- unemployment that rises during economic downturns and falls when the economy improves. 2. Describe how full employment is measured.
Full employment is measured by the level of employment reached when no cyclical unemployment exists. 3. Explain why full employment does not mean that every worker is employed.
Full employment doesn't mea that every worker is employed because it means all the jobs that need to be done are done and some workers might not be employed. Machines can employ jobs with no employees.
13.2 Read pages 338-350...answer pg 343 #1-3 1. Inflation is a general increase in prices while Purchasing power is the ability to purchase goods and services. As inflation rises, people's purchasing power lessens. 2. The purpose of Consumer Price Index (CPI) is a price index determined by measuring the price of a standard group of goods meant to represent the "market basket" of a typical urban consumer. The purpose of this info is to help everyone with price comparisons. 3. Cost-push inflation causes the wage-price spiral.
13.3 pg 353 # 9-14
9. Three effects of Inflation are eroding purchasing power, erodes income, and interest rates.
10. The Consumer Price Index plays the roll of being a presentation for the government, businesses, and people, and keep track of inflation/there money's value.
11. The government combats poverty by spending billions of dollars on programs with cash assistance, education, medical benefits, and non-cash benefits such as food stamps.
12. Inflation is caused by economies having "too much" money, when demand for goods exceeds the ability to output said sought after goods, and when producers raise prices to keep up with higher prices that they have to pay.
13. The unemployment rate is measured with the following formula: number of unemployed people divided by the number of people in the civilian labor force, multiplied by 100.
14. The groups most affected by poverty are minorities and women. This is caused by racial and gender discrimination in the working world. These groups are paid less then whites and men. The poverty groups in america are made up by 28% of female headed households, 24.3% of black households, and 22.5% of households headed by those of hispanic decent.
Read pages 331-336 ...Answer the following questions:
1. Describe frictional, seasonal, structural, and cyclical unemployment.
Frictional unemployment-occurs when people take time to find a job. Seasonal Unemployment- occurs when industries slow or shut down for a season or make seasonal shifts in their production schedules. Structural unemployment- occurs when workers skills do not match the jobs that are available. Cyclical unemployment- unemployment that rises during economic downturns and falls when the economy improves.
2. Describe how full employment is measured.
Full employment is measured by the level of employment reached when no cyclical unemployment exists.
3. Explain why full employment does not mean that every worker is employed.
Full employment doesn't mea that every worker is employed because it means all the jobs that need to be done are done and some workers might not be employed. Machines can employ jobs with no employees.
13.2 Read pages 338-350...answer pg 343 #1-3
1. Inflation is a general increase in prices while Purchasing power is the ability to purchase goods and services. As inflation rises, people's purchasing power lessens.
2. The purpose of Consumer Price Index (CPI) is a price index determined by measuring the price of a standard group of goods meant to represent the "market basket" of a typical urban consumer. The purpose of this info is to help everyone with price comparisons.
3. Cost-push inflation causes the wage-price spiral.
13.3 pg 353 # 9-14
9. Three effects of Inflation are eroding purchasing power, erodes income, and interest rates.
10. The Consumer Price Index plays the roll of being a presentation for the government, businesses, and people, and keep track of inflation/there money's value.
11. The government combats poverty by spending billions of dollars on programs with cash assistance, education, medical benefits, and non-cash benefits such as food stamps.
12. Inflation is caused by economies having "too much" money, when demand for goods exceeds the ability to output said sought after goods, and when producers raise prices to keep up with higher prices that they have to pay.
13. The unemployment rate is measured with the following formula: number of unemployed people divided by the number of people in the civilian labor force, multiplied by 100.
14. The groups most affected by poverty are minorities and women. This is caused by racial and gender discrimination in the working world. These groups are paid less then whites and men. The poverty groups in america are made up by 28% of female headed households, 24.3% of black households, and 22.5% of households headed by those of hispanic decent.